Rgglstered numbor: 04482913 Charity numbor: 1097781 ST. AUGUSTINE'S PRIORY SCHOOL LIMITED (A company limited by guaranteel TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021
ST. AUGUSTINE'S PRIORY SCHOOL UMITED A company limitod by guaranteel CONTENTS Page Roferonc8 and admlnlstratlve d•tall$ of the School, Its Trustees and advisers Trustees. report Indopondent auditor's report on the financial statements Statement of financial activit105 3- 11 12-16 17 Balancg shoat 18 Stat•ment of cash flows 19 Notes to th¢ financlal $tatsments 20-37
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED {A Company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2021 Trust8&s Mrs C Copel8nd Mrs F Baker Ilo 31 December 20201 Mr R Beeslon Iffom 18 March 20211 Ms M Ber Mr B C8ssidy Mr P D'Arcy, Chair Mr J Davies Dr B Marino Mr H Parmar Mrs C Phillips Mrs A Sparks Ifrom 18 hAarch 20211 Dom M Slaplefofd Mr F Sleadman Company regl$terèd numbor 04482913 Charity rogistered number 1097781 Registored office st. Augustines Prlory Hillcresl Road Ealing London W5 2JL company secr¢tary and Clark to tho Governors Mr J Philpoti Headtea¢hor Mr8 S Raffray Ind•pènd&nt audltor Crowe U.K. LLP 55 Ludgate Hill London EC4M 7JW Page I
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE SCHOOL, ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Bankers Barclays Bank PIC Acorn House 36-38 Park Royal Road London NW10 7JA Sollcltors Veale Wasbrough Vizards Orchard Court Orchard Lane Bristol BS1 5WS Page 2
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company lirnltsd by guarantsèl TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2021 The trustees, who are also directors of the chafily for the purposes ol the Companies Act 2006 and governor8 of the school, present their report wlh the financial slatemenls ol the charity for the year ended 31 July 2021. Referred to hereafter in this report as governors, they have adopted the provisions of the Charities Statement of Recommended Practice ISORPI IFRS1021. Objectives and activitios Pollciès and objoctives The Charity's object, as sel out in Section 3 of the Memorandum of Association, is the advancement of education in the Roman Catholic Iradilion. The principal activity of the Charity, in the period under review, continues lo be that of providing a complete education for glils. of the highest standard. founded on the Catholic f811h. We a an all-through. inclusive Catholic girls, school, rith boys in the Nursery. A3 8 girf$' s¢hotsl we are ¢ommilled to preparing girls for life long effectiveness and success. As part of Ihelr journey. girls will leam of intellectual risk-laking and emotional strength, reflection and self-knowledge, persuasiveness and leam building as well as a cultural Curiosity for an enriched enjoyment of life. In 13 acre$ of grounds, girls have a physical freedom unique in Central London. We aim to instil in them the emotional freedom lo grow intellectually and spiritually and lo understand the truth about Ihem3elve$, tslherg and our complex world. We will give them the courage lo be ambitious and compassionate and we will provide a secure, happy and nurturing community in which to explore all of the above. To this end we seek, develop and relain the be81 teachers who value wg11- being and the individual progress of each gill as much as they are relentless their pursuit of academic $xcellen¢e. Their goal is life.long success for ea¢h girl and they set the pace of energy and dynamism within which the girls flourish. Achiovgments and porformanco A-1ov81 Results at A-level and GCSE compared with 2020 are set out bebw. These results derive from teacher assessed grades as pupils did not sil public exams in 2021 due to the Covid-19 pandemic. st Augustine's Priory girls enjoyed exceptional 2021 A Level results. 85% of grades IA Level & EPQI were A"lA, 98% were A'IAIB and 1000/0 of grades were A. to C. Grade A'orA A'loB A'loc 2020 ercenl ercent ercenl 2021 72 91 97 85 98 100 ercent ercenl r¢erbl Page 3
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEOI FOR THE YEAR ENDED 31 JULY 2021 Achlevements and p¢rformance Icontinuodl GCSE Our GCSE puplls deservedly received outstanding results wlh 79% being Grades 9. 8 and 7, which is A'_A in the old currency. Gradg 2020 2021 77 99 ercent ercenl 79 98 rcent Qrcenl In othar araas, In splts of thè rèstrlctlons of Covid-19. the following achievements are worthy of note: The Senior. Intermediate and Junior maths challenges were entered a$ online version8. Overall there were 13 golds, 7 silvers and 31 bronzes. In addition there were 14 qualifications for the European Kangaroo rounds. and o Olympiad qualifications (Junior and Intemiediale leve131. Maki Mizunoe, achieved a Distinction in 2020. The annual Soton Cipher Challenge produced teams, led by Sophi¢ Fung and Riko Nakagawa. who finished the sel of seven increasingly complex decryptions. 3.600 entrants. in nearly 2,000 teams started this national competition. Our teams wère p18ced 9th and 5181, our best performancè lo dale. Four teams of three sixlh formers entered the ICAEW Base Challenge, in which th¢y la¢kled differ&nt problems and 5ubmilled their video recordings in response lo a specific scenario. We were delighled that ono team were $ele¢led as one of 20 national finalists and participated in the final in June 2021. Our Emmaus Partnership Ambass8dc*rs continued to strengthen our relationship with our partner schools, including coordinating a M¢>t¢ liturgy filmed across the four school lo celebrate Easter and the theme of 'Hope'. We also developed our UCAS collaboration, creating Our "Futures Fortnight" lo which we invited all the Emmaus Schools and Ellen Wilkinson School for Girls, hosted lectures from Oxford, Kings College, London, 8irmingham, Royal Holknway and Birkbeck Universities as well as sessions on allernalive pathways such as Apprenticeships and Degree Apprenticeships, Medical. Veterinary Medicine and Dentsslry applications and applications lo non-UK universities. Sl Augustine's pupils each attended a subject interview wth a carefully matched professional to develop their Interview skllls In preparats.on for their lulure3. Priory Sixth Students participated in essay competitions such as the New College of Humanities Philosophy essay competitions. One sludenl was shortlisted as a finalist in this section of the competitlon. Computer Science students look part in numerous national Challenges including Cambridge University's compulalional Ihinking challenge, 8ebras,' GCHQ'S Cyber Dis¢overy and a team of Lower Ivs made il lo the rinals of the GCHQ Cyber First competition. This was a national competition and although they did not win, they were placed 6th of all London schools. The competition consists of students hacking websites (safely and elhicallyll as well as deciphering dues and breaking codes. Upper IV took part in a virtual IBM cyber-security schem¢ of work whl¢h Is aimed al glrls studying Computs'ng. The course consisted of activities and talks from females working in the industry. Page4
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarant¢el TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 A¢hlevomènts and performance Icontinuedl Over 25% of students learn a musical inslrumenl. During the COVID crisis we managed to continue music lessons online and in a blended approach once we returned. We produced several virtual concerts. wth sllsdents working independently at home, learnin9 music as well as new technological skills. We also produced a live- streamed musi¢ competition during Lent 2020 that was a great succes8. LAMDA exams are huge popular, over a third of the school participate, with 100% pass rale and over 70% achieving Distinctions. De8pile the ¢on81r8inls imposed by Covid five pupils managed lo complete the Silver Duke of Edinburgh's Award and thirty six ¢ompleted the Bronze Award, many of whom have now embarked on Silver. 11 ha$ been a very disruptive year for sport wlh team sport8 and the maln Competitions only really starting again since Easter. We successfully delivered a range of lockdown le8son8, workouts and a virtual dance showcase lo kegp all girls and families healthy. We restarted the season with 8 Vlrtu81 London pulse netball session and a military fitness a¢livily lo glve 9irls new experiences. We have safely rebuilt girls, fitness with a variety of sporting aclivilles including four sports days which saw many school records being broken. We saw some excellent performances at the English Schools Athletics where we finlshed seconLI In the Middlesex Round in the U141U15. Individually. girls qualified to compete In Middlesex for Hockey, Netball and Alhlets'cs and gir13 are playing for the London Pulse Netball Academy. We look fonNard to a more normal and successful season next ye8r where we will launch a Senior Netball Academy 81 Sl Augustine's Priory. Flnanclal revlew Financial Position Total incoming resources decreased by approximately 1.5 per cent from £7,073.482 10 £6.967,579 and total resources expended decreased by approximately 2 per cent fiom £7. 053.993 to £6,909,015. The nel surplus for the year was £58.564 {2020.. £48.3901 before the unrealised gain on investments of £213.574 12020.. unrealised loss £75,936). Net current assets al the year end were £1.634,82112020.' £1,749,679). Financial Key Performance Indicators IKPlsl Incoming resources per pupil.. £14,887 {2020.. £14,725). Wages cost per pupil.. £10.61912020. £10,2141- Principal fundSng sources The prin¢ipal funding source ol the school's charitable activities continues to be tuition fees and extras. Page 5
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA Company Ilmltsd by guaranteel TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Re$erves policy The governors. target for free reserves for normal educational activities is in line with the generally accepted view in the independent schools sector, that the ideal level should be equivalent lo approximately three months. normal expenditure. Al the year-end lolal funds stood at £4,324,553. Of this £1.891,274 was held in free reserves against a tsrget of £1.7m. Accumulated reserves a earmarked lo fund the next phase of building development. Inv8$tm•nt pollcy and obJ¢¢tlv•8 Section 4151 of the Memorandum ol Association aulhorises the governors to invogl the money of the Company in, or on, the security of such stock. funds, shares, securities or other investments of any kind as may be thought fit. bul 3ubject to such conditions lil any} and consents lif any) as may be imposed or required by law. The objective of the g¢hool's investment policy is lo ensuie the creation of 3ufficienl income and capital growth lo enable the school to carry out ils purposes Consistently year by year wlh due and proper consideration for future need5 and the maintenance ol and. if possible, enhancement of the value of the invested fund$ whilst they are retained. The investment policy is reviewed annually by the Finance Committee to ensure that il remains compatible wlh the school's objects and reguiremenls. The performance ol the investment is reviewed gUlarlY and assessed against appropriate industry benchmarks. Structure. governan¢e and managemont History and charity status The school, known as Sl Augustine's Priory, was estsblished in France in 1634, and moved to Ealing in 1911, establishing itself on the present site in 1914-15. The schotsl was first registered by the Charity Commission on 27 September 1965, and was given ils own charity number13073771. Incorporatlon The school's reconslilulion as a charitable company was authorised by the Charity Commission by way of a Charity Commlssitsn Scheme dated 1 August 2002. case number 238258, sealing 112lsl 02, by which the assets of the school in ils unincorporated stsle were transferred to the newty-lormed charitable company, St. Augustine's Priory School Llmiled. The affairs of the charilable company are regulated by its Memtsrandum and Arti¢les of Association. The day-t day running of the school is carried on in accordance with ils Instrument of Government, dated 14 May 2015. St Augu$tino's Priory Trust I'the 1941 TTu5VI The 1941 TTLISI (charity number 2453671 is a $ep8rale enlily which owns the land and buildings of Sl Augusline. Priory. The school has no fomial lease, but has occupied the property rent free since 1915. During the year the 1941 Trust donated £91.82812020.' £91,828) t¢)wards scholarships. Page 6
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 structure. goveman¢e and managomont (continued) Trusteesi governors and dlrectors Thg company's Arbcles of Association provide for there being no fewer th8n six and no more than fourteen govemors. They are appointed and retire in accordance wlh the Articles ol Association. The Artkle8 permit the charitable company lo lake out indemnity insurance for the govern(>rs. New governors are inducted into the workings of the charity and the school, Including board pollcies and procedures. Governor8 are also invited lo attend relevant external training courses. Organisational structurg The Board of Govemors is legal responsible for the overall direction and control of the school. Da10-daY management is delegated lo the Headteacher who is supported by a senior leadership team which comprises tho Deputy Head Pastoral {Seniorsl, the Deputy Head Academic (Seniors), The Deputy Head Pastoral lJuniorsl, the Deputy Head Academi¢ (Juniors). the Oirector of the Sixm Form, the Bursar, the Registrar and the Dlreclor of Operations & Marketing. Rgmunoratlon Remuneration of the Headleacher and Bursar is reviewed by the Board of Governors with advice from an independent consullanl. The Finance Committee reviews leaching and support staff remuneration. taking into account factors such a5 inflation and salarie$ paid in comparable organisalions. Page 7
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Stru¢thrn, governance and managemont {continu&dl Rlsk managemant The governors re¢ognise their duty lo identify and review the risks tts which the charity is exposed and lo ensur appropriate controls are in pla¢e to provide reasonable assurance against fraud 8nd error. The governors continue lo review the principal areas of the school's operations in Order lo identify risks that could 8ffect the day-lorflay operations of the school. In the* opinion of the govemors, the charity has established resources and review systems which, under normal conditions, should allow these risks to be miligaled lo an aGceplable level, in ils day-to4ay operations. The governors consider the following lo be the principal risks on which the Gharily needs lo focus.. Risk Mltl atlon School prepared for lockdown or partial closure in event of resurgence of Covid- 19. CompreheThsive risk assessment under continuous review. Safeguardin& child protection and antl-bullying ptslieies are in place. Staff are appointed only In accordance with Safer Recruitment pollcy wlth the full range of pre-employment checks. strong leadership of pastoral care in partnership wlth school nurse. Designated Safeguarding Leads trained and monitOTed by Safeguardin8 Commlttee. Site secured and acTrss controlled. ccrv monitoring. TWi-d3]Iy registration. Well-rehearsed missing child plan. Welfare, health or safety of a chlld or staff member is compromlsed IT audlt conducted and recommendations implemented. Requlrements of GeneTal Data Protection Regulations implemented. Bu51ne55 Continuity Plan reviewed and updated. System security includes frequent back-up5, firewalls and penetration tests. Fallure or Ios5 of data or IT systems Fees remain Competitlve with local market. School performance through lockdown underlined added value and pipeline is strong. Contingency plan for VAT on fee5 or1955 of discretlonary rate relief in place. Affordability Pa9e 8
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED {A compak)y limit•d by yuaranteel TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Going concorn The Governors have assessed the school's ability lo ctsnlinue as a going concern. The Governors have considered Several factors when forming their conclusion as lo whether the use of the going concern basls IS appropriate when preparing these financial slalemenls including a Teview ol updated forecast lo July 2023 and a consideration of the key risks, including Covid-19, that ¢ould negatively affect the school. The balance sheet Is positive and improving due lo annual surpluses. Potential risks to the school's viability are mitigated through a strong relationship with the landlord, a reputation for providing an oulslanding education al a price which compares well wlh nearby independent schools and a healthy pipeline of future pupils whose parents are attracted by the special Èthos of a single sex, all-through Catholic School. Investments in strong leaching staff and physical infrastructure position the school well in a compelrtive market. The school has a realistic 5-year plan for gro, Annual budgets are sel lo be able to seNice a substantial bank loan lo fund the riexl phase of development.. and performance is ¢108ely s¢wlinised and monitored by the governing body and ils sub- ¢ommitte¢s. Public bènefit The governors have complied wlh the duly prescribed in Section 17 of the Charities Act 2006 to have du¢ reg8rd lo guidance published by The Gharity Commission, including public benefit guidance. Although inevitably reslricled by social distancing and infection control measures, in normal limes our sports facilities including the astro-turf are used almost every d8y by local clubs. The Chapel is the focus of retreats by local groups. Indoor and outdoo¥ stages are much enjoyed by drama groupy. A French school uses our classrooms and other facilities al weekends., and holiday activity clubs use the school al half terms and in school holidays. Two senior members of staff 1$ a governor of a local slate schools. During the year the school awarded a total of £691,694 12020.. £620,900 plus £204,707 of Covid 19 Hardship Grants) in respect of bursaries, scholarships. remissions, discounts etc. This represents some 10 percent 12020.. 8.9 per¢enl plus 2.g•A in Covid-191 of fee income. 11 had been the governors, intention to increase the value of awards given from the s¢heme lo beeen 9 and 10 percent ol the lolal fee income. The school's charitable collections during the year lolalled £2,82412020.' £3,172). This amount was dispersed lo charitable inslilulions induding Catholic Children's Society, CAFOD, Ealing Foodbank, Sl Anselm's Catholic Primary School and Fundacion Anpuy where we sponsor a Child in Argentina and Lubasi Children's Home in Zambia. The Margaret Dormer Scheme, initiated by the school for publlc benefit, is a designated fund for the PTovision of buTsaries for children from families whose paren15 would not olh$rwise be able lo afford an independent education. During the year, following a compelillve lender, management ol the portfolio was tranSferd to Smith & Williamson. At 31 July 2021 the combined funds stood at market value of £677.08312020'. £452,403). Page g
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limitod by guarantsal TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Futurg dovolopments The school's govemor8 have fomiulated an ambitious development plan which incorporates their desire lo maximise the polentbal of the 13 acres of land as well as to ensure the buildingg are fil for current and future purpose. Under continuous review is the optimum number of pupils,. whlle we want lo makè an excellent Catholic education available to more girls we do not want to compromise on class sizes or the special family atmosphere of a reasonably small school. We have continued three form entry to the senlor school which began in 2019. During the year we obtained planning permission for a Learning Resource Centre ILRCI at the heart of the school, new classrooms and a sports facility to enable the school lo continue to deliver a first class all-round education to generations of gid8 IL) come. The Govemors have decided thal the first priorily are the Classrooms and LRC which vwill fom Phase 2A and that the sports facility will be built as part of Phase 2B. ststemont of Trusts08' rèsponslbllltles The Trustees I0 are also Ihe directors of the School for the purposes of company lawl are responsible for preparing the Trustees. report and the financial statements in accordance with 8pplicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pral¢e1. Company law requires the Trustees lo prepare financial 51alemenls for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view ol the state of affairs of the School and of ils incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial statements, the Trustee$ a required lo.. select suitable accounting policies and then apply them consistently., observe the methods and prin¢iple$ of the Charities SORP IFRS 1021,. make judgments and accounting estimates that are reasonable and pruLlent', stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departure5 disclosed and explained in the financial slalemenls., prepare the financial slalemenls on th& going concern basis unless il is inappropriate lo presume that the School will continue in business. The Trustees are responsible for keepbng adequate accounting records that are sufficient to show and expl¥in the School's Iransactlons and disclose with reasonable accuracy al any lirne the financial position rjf the School and enable them lo ensure that the financial slalemenls Comply with the Companies Act 2006. They are also responsible lor safeguarding the assets of the School and hence for taking reasonable steps for the prevenlign and detection of fraud and other irregularilies. Dls¢losuro of information to auditor Each of the persons who are Trustees at the lime when this Trustees, report is approved has confimied that.. so far as that Trustee is aware. there is no relevant audit information ol which the charity's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order lo be aware of any relevant audlt information and lo establish that the chariV5 auditor is aware of that information. Page 10
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA Company limlted by guaranteDI TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2021 Audltor The audSlor, Crowe U.K. LLP, ha8 indl¢aled hSs willingness to continue in office. The designated Trustees will propose a mots'on reappointlng the auditor at a me8ting of the Truste85. Approved by order of the membgr$ of the board of Trustees and signed on their behalf by.. Mr P D'Arcy Chalr Date.. 6*<beC&zoz/, Pago11
8T. AUGUSTINE'S PRIORY SCHOOL LIMITED A ¢omp•ny limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. AUGUSTINE'S PRIORY SCHOOL LIMITED OplnloTh We have audited the financlal 8lalements of Sl. Altgustine's Priory School Limited Ilhe 'School) for the year endod 31 July 2021 whlch comprtge the Stslemont of Financial Actlviti88, the Balance Sheet, the S18toment of cash flows an¢J the rolaled notes, Includlng a summary of $ignifi¢anl a¢¢oLtnting poli¢iets. The financial reportlng framework that ha5 been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including Financial Reporting Stsndard 102 'The Financial Reporting Standard applicable in the UK and Republlc of Ireland, {Uniled Kingdom Generally Accgpled Accounllng Practice). In our opinion the financial slatemenls.. give a true and fair vlew of the State of the ¢h8rltable oompony's affalrs 09 8t 31 July 2021 and of Ils Incoming rèsource3 and appllcation of resoLtrces. Includlng ils Income and èxpenditure for the year then onded., have been properly prepared in accoTdance with United Kingdom Generalty Aecepted A¢counllng Practice,. and have been prepared in a¢cordance wth the requirements of the Companies Act 2006. Ba$ls lor oplnlon We ¢ond(tcled our audit in accordance wlh Inlemalional Standards on Auditing IUKI {ISAy (UK)) and applicable law. osjr responsibilities under those stsndard8 are furthèr described In the Auditor's re8ponslbilllle8 for the audll of the financial statements section of our report. We are independent of the charitable company in acGordance th the ethical requirements that are relevant lo our audit of the financial 8ts1ements in the UK, including the FRC'S Ethical Standard, and wo havo lulfillgd our other ethical responsibilities in acetsrd¥nco with thèse requirements. We believe that Ihg audit evidencè wè have oblain¢d Is sufflGlent and appropriate to provide a basi$ for our opinion. Concluslons relatlng to golng concam In auditing tho financial statements. we have concluded that the Trusleos, usg of the going ¢on¢ern basls of accounting In the preparatlon of the finanejal $latemenl8 is appropriate. Based on the work we have perform¢d, we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast $Ignifant doubt on the charitsbl& companls abllity to nlinue as a going concem for a perfod of al least twelve months from when the flnanclal stslemenls are aulhorlsed foi18SLIe. Our respon$ibllities and the respongibllities of the Trustees rith respect lo golng ¢on¢ern are described in the relevant 38clion8 of th13 report. Page 12
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company Ilmlted by guaranteg) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. AUGUSTINE'S PRIORY SCHOOL LIMITED {CONTINUEDI Other Information The trustees are re3pon5ible for the other information contained within the annual report. The other informallon comprises the information Included in the annual report. other than the financial slalemenls and our auditor's report thereon. Our opinion on th& financial statements does nol cover the other information 8nd, except to the extent otherwise explicitly slated in our report. we do not express any form Of assurance conclusion thereon. Our responsibility is to read the other infoimalir)n and, In doing so, consider whether the other inlormalion is materially inconsistent with the financial slalements or our knowledge obtained in the audit or olherwse appear8 lo be materially misslaled. If we identify such material inconsistencies or apparent material mi8slalemenls, we are required lo determine whether this gives rise to a material mis31alemenl in the finanei81 statement$ themselves. If, b8sed on the work we have performed. we Conclude that there is a material misslalemenl of this other Infomiation, we are required lo report that fact. We have nolhlng lo report In this regard. Opinion on other matters pre$¢rlbod by the Companios Act 2006 In our opinion, based on the work undertaken in the cour8e of the audit.. the information giv$n in th& Trustees, Report lor the financial year for which the financial slalements are prepared is consistent with the financial slatemenls. the Trustees. Report has been prepared in a¢cordance with applicable legal requirements. Matt8r$ on whlch wo are required to report by èxcopflon In the light of our knowledge and understanding of the charitable company and ils environment obtained in the course of the audit, we have not identified material misstalemenls in the Trustees, Report. We have nothing lo report in Tespecl of the following matters in relation lo which Companles Act 2006 require8 us lo report to YOU if. in our opinion.. adequate accounting records have not been kept, or relums adequate for our audit have not been received from branches not visited by us., or the financial stslements are not in agreement w¢lh the accounting Tecords and ieturns,. or certain disclosures ol Trustees. remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit. Page 13
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guaranteè) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. AUGUSTINE'S PRIORY SCHOOL LIMITED {CONTINUEDI Responsibilities of Trustees As explained m¢)re fully in the Trustees, responsibilities Slalemenl, the Trustees (who are also the direcltrrs of the charitable company for the purposes of Company lawl are responsible for the prepar81ion of the financial slalemenls and for belng satisfied that they give a true and fair view, and for such inlemal control as the Trustees determine is necessary lo enable the preparation of financial 8latemenl8 that are free from m8leri81 misslatemenl, whether due lo fraud or error. In preparing the financial slalemenls. the Trustees are responsible for assessing the charitable company's abilty lo ntinUe as a going ¢oncern, disclosing, as applicable, matters related lo going concern and using the going concern basis ol accounting unless the Trustees either intend lo liquidate the charitable company or lo cease operab'ons, or have no realistic alternative but to do so. Audltor'$ rosponslbllStlos for tho audlt of tho financlal statemonts Our obje¢tive$ a to obtain reasonable a$suran¢e about whether the financial stslemenls as a whole are fe from malefial misstatement, whether due to fraud or error, and to Issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit conducted in accordance with ISAS IUKI 11 always delecl a material misslatemenl when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the ba3is of these financial slalemenls. Details of the extent to which the audit was considered capable of delecting irregularities, including fraud and non-compliance with laws and regulab'ons are set out below. A further description of our responsibilities lor the audit of the financial slalemenls is located on the Financial Reporting Council's web511e al.. www.fr¢.or .uklaudilorsres onsibilits"es. This descrlplion foms part of our Audilorfs report. Page 14
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarantsel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. AUGUSTINE'S PRIORY SCHOOL LIMITED ICONTINUEDI Extent to which the audit was ¢on$id&r•d capabl8 of dotecting irregularities, including fraud Irregularitles. including fraud. are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstalemenl of the financial slalemenls from irregularities, whether due lo fraud or error, and dIu$$ed these beeen our audit team members. We then designed and performed audit pr<)¢edures responsive lo those risks, including obtaining audit evidence SLrfficient and appropriate to provide basis for our opinion. We obtained an understanding of the legal and regulatory frameworks within which the charitsble company operates, focusing on those laws and regulations that have a direct effe¢l on the determination of material amounts antl disclosures in the financial stalemenls. The laws an¢J regulations we considered in this context were the Companies Act 2006 together with the Charities SORP IFRS 1021. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial 31alemtrnt items. In addition, we considered provisions of other laws and regulatlons that do not have a direct effect on the financial 81atemenls bul compliance with which might be fundamental lo the charilablg eompany's ability lo operate or lo avoid a material penalty. We also considered the opportunitie$ and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were The Education Ilndependent School Slandardsl Regulations 2014, General Data PToleclion Regulation IGDPRI, Health and safely legislation. Taxation legislation and Employment legi81alion Aud19 Standards limit the required audit procedures lo identify non-cornpliance with these laws and regulations lo enquiry ol the Trusletr$ and other management and inspection of regulatory and leg81 correspondence, rf any. We identified the greate31 risk of material Impact on the financial statements from irregularities, including fraud, lo be within the overrid$ of controls by management. Our audit Procedures lo respond lo these risks includod enquiries of management and the Finance and Capital Projects Committee about their own identification and assessment of the risks of irregularities, sample lesling on the posling of journals, reviewing accounting eslimale$ lor biases, reviewing regulatory correspondence with the Charity Commission, Independent Schools Inspectorate. Ofsled and reading minutes of meetSngs of Iho$e Charged with governance. Owng lo the inherent limitations of an audit, there is an unavoidable risk that we may not have ¢Jete¢led some material mi8slalemenl$ In the financial slatemenls, even though we have properly planned and performed our audit in accordance with 8udiling standards. For example. the further removed non-compliance with laws and regulations lirregularili¢sl is from the events and transactions reflected in the financial statements, the less likely the inherenlty limited procedures required by auditing standard5 would identify it. In addition, as wrth any audit, the remained a higher risk of non-deleclion of irregularities, as these may involve collusion, forgery. intentional omissions, misrepresenlalions. or the override of Internal controls. We are not responsible for preventing non- compliance and cannot be expected to detect non-complian¢e with all laws and regulations. Page 15
ST. AUGUSTINE'S PRIORY SCHOOL UMITEO IA ¢ompany limited by guaranteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF ST. AUGUSTINE'S PRIORY SCHOOL LIMITED ICONTINUEDI Uso of our roport This report is made 501ely lo the charitable company's members, as a body, in accordance with Chapter 3 01 Part 16 of the Companies Act 2006. Our audit work has been undertaken sts that we might slate lo the charitable company's members those matters we are required to slate lo them in an Auditor's report and for no other purpose. To the fullest exlenl permilled by law, we do not accept or assume responsibility lo anyone other than the charitable company and ils members, as a body, for our audit work, lor this report, or for the opinions we have formed. Mi¢ola May Sènlor Statutory Audltor for and on behalf of Crowo U.K. LLP Slatulory Auditor London Dale.. 14th December 2021 Page 16
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA ¢ompany1Smit8d by guaranleel STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 JULY 2021 Restrlct8d Unr8strietgd funds funds 2021 2021 Total funds 2021 Total fuiids 2020 Nots Income from: Donations 92.643 529 6.325,224 12,1S8 503,316 93,172 6.325,224 12,158 537,025 116,604 6,314,053 19,30T 652,419 Charitable activities Investments Other income 33,709 Total Income 126.352 6,841.227 6,967,579 7, 102.383 Exp•ndltura on: Raising funds Charitable aclivilies 1.OS2 6,8q2,S81 1,052 6.907,963 2,814 7.051,179 95,382 Total gXPgndltur8 Ngt Income befor8 net gainsl{los$e$l on Investments 95,382 6,813,633 6.909,015 7,053,993 30,970 27,594 213.574 58.564 48,390 Net gainslllo898s1 on investments 213,S74 (75,936) Net incomellèxpèndlturel 30,970 241,168 272,138 (27.546) 241.168 272,138 (27.546) N9t movomont in funds Roconciliation of funds- Total funds brought ftsrward Net movement In funds 30,970 389,660 30,970 3,662,755 241.168 4,052.415 272,138 4,079,961 (27,546) 420.630 3,903,923 4.324,553 4.052,415 Total funds ¢arried forward The Slatemenl of Financial Activities includes all gains and losses recognised in the year. The notes on pages 20 10 37 form part of these financlal slalemenls. Page 17
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company Ilmltsd by guar#nt¥¢l REGISTERED NUM8ER.' 04482913 BALANCE SHEET AS AT 31 JULY 2021 2021 2020 Notè Flxed assets Tangible assets Investments 2,012,649 677,083 1,850,333 452,403 10 2.689,732 2,302, 736 Current assgts Deblois Cash al bank and In hand 366,255 2,373,027 420,267 2,354,096 2,739,282 2,774,363 Creditors.. amounts falling due wlhin on& year 12 1,q04,4611 {1,024,684) Not ¢urr•nt assets 1,634,821 1,749,679 Total not assDts 4,324,663 4,052,415 Charlty funds Reslricled funds Unreslricled ftjnds 14 14 420,630 3,903.923 389.660 3,662. 755 Total funds 4,324,SS3 4,052,415 The Trustees acknowledge their responsibilities for complying wth the requirements of the Act with respect lo accounting records and preparation of financial slalemenls. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. Mr P D'Arcy Chair Dale.. g t)0(6 £ozI The notes on pages 20 to 37 form part ofthese financial statement8. Page 18
ST. AUGUSTINE'S PRIORY SCHOOL LIMITE IA company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2021 2021 2020 Cash flows from operatlng activltles Net cash used in operah'ng 8clivilies 440.894 126,306 Cash flows from Invgsting actlvlllos Dlvidends, interests and rents from investments Purchase of tangible fixed assets Reinvested income 12,1S8 {423,0151 111,1061 19,307 (427,842) (8,026) Ngt cash usod in investing actlvlllg$ 1421,9631 1416,561} Change in cash and ¢ash equlvalonts In th8 year Ca3h and cash equivalents at the beginning ofthe year 18.9J1 {290.2551 2,644,351 2,354,096 Cash and cash equlvalents at tho end of th& year 2,373.027 2.354,096 The notes on pages 20 to 37 fomi part of these f5nancial statements Page 19
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company Ilmltod by guarant89) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 JULY 2021 General information Sl Augusllne's Priory School Limited 18 constituted as a company limited by guaranloe registered in England, No. 04482913. and 1$ registered with the Charity Commission under Charity No. 1097781. The School's registered address is Hillcrest Road, Ealing. London, W5 2JL. Accounting policies 2.1 Bas1$ of preparatlon of flnanclal ststoments The financial Statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021, the Companie5 Act 2006 and the Charities Statement of Recommended Practice 201 S. Assets and liabilities are initially recognised al historic co81 or transaction value unles3 Otherwise staled in the relevant accounting policy notes. The School is a Publlc Benefft Entity reglstered as a charity in England and Wales and a company limited by guarantee. Golng concern The Governors have assessed the sehool's ability lo continue as a going concern. The Governors have considered several factors when forming their conclusion as to whether the use of the going concern basis is appropriate when preparing these financial stalemenls including a review of updated forecast lo July 2023 and a consilleralion of the key risks, including Covid-19. that could negatively affect the school. Tho balance sheet is positive and improving due lo annual surpluses. Potential risks to the school's viability are miligaled through a strong Telationship with the landlord, a reputation fo¥ providing an outstanding education at a pri¢e which Compares well with nearby independent schools and a healthy pipeline of future pupils whose parenis are attracted by the special ethos of a single 8ex, all-through Catholic school. Investments in strong leaching staff and physical infrastructure position the school well in a competitive market. The school has a realistic S-year plan for growth. Annu81 budgets are sel lo be able lo service a sub$lanlial bank loan to fund the next phase of development,. and performance is closely scrubnised and monitored by the governing body and sub-cornmillees. Critical accountlng Judg8monts and kay $ourco$ of estlmatlon uncertalnty In the application of the accounting policies. Trustees are requir¢d lo make judgement, eslimales, and assumptions abciut the carrying value ol assets and liabilities Ihal are not readity apparent from other sources. The eslimales and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these e8limale8. The e8timale$ and underlying assumptions are reviewed on an ongoing basis. Revisions lo a¢counling ests'males are recognised in the period in which the estimate 18 revised If the revision affects only that per¢od, or in the period of the revision and future period8 if the revlslon affected current and future periods. In the view of the Trustees, no assumptions concerning the future or estimation uncertalnly affeeng assets or liabililies at the balance sheet date are likely to result in a material adjuslmanl lo their Page 20
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA ¢ompany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 A¢¢ountlng poll¢le$ l¢ontinuedl carrying amounts in the next financial year. The following accounting policies have been applied consistently in dealing with items which are considered material in relation lo the Schotsl's financSal slalemonls. 2.2 Income Fee5 receivable and 8imilar Income Fees receivable comprise luilion fees charged to pupils less scholarships and bursaries. Regislr81ion fees are non-refundable and are ¢dited lo income when received. Deposits are included as a liability until refurided or, on ceasing lo be refundable, are Credited to income. ALlvan¢e fees are credited lo income as and when they fall due. Inv•$tment Incomo Investment income from dividend3, bank balances and fixed interest securities is accounted for on an accruals basis. Donation$, lega¢le$. grants and othor voluntary incoming resources Voluntary incoming resources are accounted for as and when enlillemenl 8rises, the amount ¢an be reliably quanlilied and the economic benefit lo the School 18 ¢onsidered probable. Voluntary income for the School's general purposes is accounled for as unrestricted and is credited lo the General Reserve. Where the donor or an appeal has imposed trust law restrictions, voluntary income is credited lo the relevant reslricled fund. 2.3 Expenditure Expenditu 1$ allocated lo expense headings on a direct cost basis. The Irrecoverable element of VAT is included wthin the item of expense lo which il relates. Governance costs comprise the Gosts of complying with con51ilulional and slalulory roquilemenls. Expenditure 15 accrued as soon as a liability is considered probable, di3counled lo present value for longer-term Ilabilities. Expenditure attributable to more than one cost category In the SOFA 1$ apportione4J lo them on Ihe basis of the estimated amount allribulable lo each aclivily1n tho year, either by reference lo staff lime or the use made of the underlying assets, as appropriate. 2.4 Govornmant grants Government 9rants relating lo tangible fixed assets are Irealed as dfjforred income and released lo the Stslemenl ol financial activities over the expected useful liveg of the assgls concemed. Other grants are credited lo the Slalemenl of financial a¢livilies as the related expenditure is incurred. 2.5 Tanglble flxod assèts and dapr8clatlon Assets are capilalised only when their $t of acquisition amounts to £1,000 or more. A full year of depreciation is Charged in the first year an asset is acquired. Page 21
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company Ilmlted by guarantèè) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Accountlng pollcles Iconllnu8d} 2.6 Tanglblo flx&d as8&ts and dopre¢latlon (continued) Depreciation is provided on all tangible fixed assets in use, other Ihan freehold land, al rates and bases calculated lo write off the cost less estimated residual value of each asset over its expected Usefvl life, as follows.. The estimated useful lives are as follows.. Motor vehicles Furniture, Fixtures and Fittings Computer equipment Buildin9 improvements 5 years 3-10 years 3 years 3-20 years A88?18 under construction are not deprecialetl until 3u¢h time a8 they are brought into use. Once brought into usg Ih¢y are dgprecialed in line with the above &slimal&d useful lives. 2.6 Investments Listed inv8slments aro Stalod al market value. The SOFA in¢lude$ unrealised gain$ and 10$8e$ arising from the revaluation of Ihe investment portfolio in the year. 2.7 Flnanclal Snstruments Basic linancial instrument$ a initially COgnised al transaction value and subsequently measured al amortised with the exception of investments which are held al fair value. Financial assets held al amortised cost comprise cash al bank and in hand, together wilh trade and other debtors. A specific provision is made for debts for which recoverability is in doubl. Cash 8t bank and in hand is defined as all cash held in instant access bank accounts and used as working capital. Financial liabilities held al amortised cost comprise all ¢redilors except g0¢ial security and other taxes and provisions. 2.8 Ponslons Retirement benefits lo employees of the School are prowded through bKo pension schemes. one efined benefit and one defined contribution. The pension costs charged in the Statement of Financial A¢livilios aro determined as follows.. The Teachers, Pension Scheme - This scheme is a mulli-employer pension scheme. It is not possible to identify the School's share of the underfying assets and liabilities of the Teachers, Pension Scheme on a consistent and reasonable basis and therefore. the School as required by FRS102. accounts for the scheme as if il were a defined contribution scheme. The School's contributions. which are in accordance with the Tecommendalions of the Government Actuary. are charged in the period in which the 8alaries lo which they relate are payable. The School also contributes to personal pension schemes of some members of slaff. Employerfs pensions costs are charged in the period in which Ihe salaries lo which they relate are payable. Page 22
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED {A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Accounting policies Icontlnuedl 2.9 Fund accounting The charitable trust funds of the School are accounted for as unreslri¢led or restricted income, in accoidan¢e with the terms of trust imposed by the donors or any appeal lo which they may have responded. Unrestricted income belongs lo the School's corporate reserves. spendable at the dis¢relion of th¢ Governors lo further the School's Obje¢ls. Where the Governors decide to sel aside any part of these funds to be used in future for some specific purpose, this is accounted for by transfer to the appropriate designated fund. Restricted income compiises gifts, legacies and grants where there is no ¢8pilal retention obligation or power bul only a trust law reslri¢lion to some specific purpose intended by the donor. Chafltable actlvltles Faes receivable 2021 2020 School fees Le88.' bursaries, scholarships and allowances Add back bursaries paid for by restricted funds 6,92S,089 1691,6941 91.829 7,040.237 (818,013) 9f,829 Not feo Income 6,325.224 6,314,053 other income Rastrict8d Unrestricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Additional luillon and adivty lees Sl Augusllne's Priory As$ocialion Entrance and registration fees Commissions and other income 285,908 285,908 6,800 23,620 220.697 405,147 9,350 19,692 218.230 6,800 23,620 193,788 28,909 33,709 503,316 S37.025 652.419 Included within commissions and other income 1$ £110,26312020.' £118,938) ieceived in connection with the UK Govemmenl's Coronavirus Job Retention Scheme. Page 23
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company Ilmltad by 9uaranteg1 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Cost of ralsing funds Fundraising oxpenses Unrnstrlct&d funds 2021 Total funds 2021 Total funds 2020 Financing ¢o$ls 1.052 1.052 2,814 Anaty$l8 of oxpondlture on Charltable activitie$ Summary by fund typ& Restrlcted Unrestricted fund5 funds 2021 2021 Total fund$ 2021 Total funds 2020 Education Support ¢osls W¢lfaro Premises 94,568 4.698,175 1.348,183 30,345 735,878 4.792,743 1,348,183 30,345 736,692 4. 772. 138 1,497,554 35,821 745,666 814 Total 2021 95,382 6,812,581 6,907.963 7,051, 179 Total 2020 110.347 6,940,832 7,051, 179 Page 24
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Analysis of expenditure on charitsblo 8¢tlvltlas Icontinuodl Summary by oxpendituro typ¥ Total fund$ 2021 Tol81 funds 2020 Stsff costs D8pr8ciation Other costs 2021 2021 2021 Education Support costs Welfare 4,213.674 612,700 30,345 113,207 579,069 692,164 4,792,743 1,348,183 30,345 736,692 4,772, f 38 1,497,554 35,821 745,666 43,319 Premises 217,381 406,104 4,969.926 260,700 1,677,337 6,907,963 7,051, 179 Total 2020 4,926,659 205, T60 1,918,760 7.051. 179 Audltor's remungration 2021 2020 Fee$ payable lo the School's auditor for the au¢Jil of the Schooys annual accounts 19.500 19,000 Fees payable to the School's auditor in respect of. All assurance services not included above 2.350 8,525 staff costs 2021 2020 Wages and salaries Social security costs Conlrsbution lo define<l ¢onlribullon pension schemes 3,80S.432 412.064 752.430 3.797,862 410,962 717,835 4,969,926 4,926,659 Page 25
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Staff costs Icontlnu8d) The average number of persons employed by the School during the year was as follows.. 2021 No. 2020 Teaching Educational support Premises 65 66 17 Welfare Management and adminislralion Is 19 102 104 The number of employees whose ¢mploye¢ benefi18 lex¢luding employer pension c05tsl exceeded £60,000 was.. 2021 2020 No. £60,001- £70,000 £70,001- £80,000 £80,001- £90,000 £90,001- £100,000 £120,001 - £130,000 The key management personnel are the members of the senior leadership team as described on page 5. Employee benefits paid lo this group amounted to £756,11512020.' £757,506). Of those shown in the bandings above, 6 were members of the Teachers, Pension Scheme12020'. 71 and 1 was a rnember of the Scollish Widows Pension Scheme12020'. 11. Employer's contributions lo Pension schemes in respect of these employees during the year were £118,824 12020.. £127.895). The governors re¢eived no muneration durlng the current or prior year. No travel expenses were reimbursed lo governors in the currenl or prior year. Page 26
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company Ilmited by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Tanglbla fixed assfrts Motor FSxtures Computsr Bulldlng vohicles and fittings equlpm&nt Improvem8nts Total Cost or valuation Al 1 August 2020 Additions 15,234 9.846 371,865 91.134 408,148 15,686 2,110,082 2,905,307 306,349 423,01S At 31 July 2021 25,080 462,999 423,832 2,416,411 3,328,322 Dgprg¢iation Al 1 August 2020 Charge for the year 15,234 1,969 323,414 69,740 359,922 43,319 356,404 1.054.974 145.671 260.699 Al 31 July 2021 17.203 393,154 403.241 502,075 1,315,673 Net book valuo Al 31 July 2021 7,87Y 69,845 20,591 1,914.338 2,012,649 Al 31 July 2020 48,451 48,224 1,753,658 t,850,333 The land and buildings in whlch the School operates are owned by the Sl Augustine's PTiOry Trust ('Ihe 1941 Tru31'1. The School has nr) formal lease. but occupies the property rent free as Il has since 1915. Included within building improvements are £447,587 tsf assets under construction which have not been depreciated in the current year. Page 27
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limitad by guarantsg) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 10. Fixed assét Invostmonts Listed Invg$lmonts Cost or valuation At l August 2020 Revaluations 452,403 224,680 Al 31 July 2021 677,083 Nat book valuè Al 31 July 2021 677.083 At 31 July 2020 452,403 2021 2020 Market Valu8 Al 1 August 2020 Income reinvested Investment manager fees Increaselldecreasel in value of investments 452,403 12,158 (1,0521 213,574 520,312 10,841 (2,814) (75,936) At 31 July 2021 677,083 452,403 The Investments lal market value at the year endl are held in the UK and outside of the UK as foll¢ws'. 2021 2020 United Kingdom United Stales ef America Others 400.117 138,135 138.831 358,339 37,522 56,542 677,083 452,403 Page 28
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarant801 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 11. Debtors 2021 2020 Fee debtors Sl Augustine's Priory Tw81 Other debtors and accrued in¢ome Prepayments 52,147 183.658 2S.667 104,783 149.665 91,829 57,334 121,439 366.255 420,267 12. Creditors: Amounts falllng due wlthln year 2021 2020 Pupll deposits Trade creditors other taxation and social 8e¢urity Other creditors Accruals and delerred income 625,119 105.545 176,687 16,953 180,157 548,969 52,427 107,212 141,558 174,518 1,104.461 1,024,684 Pa9e 29
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED (A company limltèd by guarant•&l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 13. Flnancial Instruments 2021 2020 Financial assets Financial assets measured al amortised c051 lal Financial assets meagured 81 fair value through the profil and loss account Icl 2.450,842 2,561,095 677.083 452,403 3,127.925 3,013.498 2021 2020 Flnan¢lal Ilabllltlg$ FinancAal liabilities measured al amortisod cost {bl 904,427 742,954 {al Financial assets include cash, trade and fee debtors, other debtors and accrued income. (bl Financial liabilities include deposits, fees in advance, trade creditors and other crediiors. {c) Flnancial assets at fair value through the profit and loss account comprise inveslmgnls. Page 30
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company Ilmltèd by guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 14. Stal•ment of funds Ststsment of fund5 - current year Balance at 1 August 2020 Galnsl Balance at (Lossosl 31 July 2021 Incoma Expondituro Unrèytrlctsd funds General Fund Margaret Dormer S¢heme 3,520.396 142,359 6,841,227 16,813,633) 213.574 3.761.564 142,359 3.662,755 6,841.227 16,8q3,6331 213,574 3,903,923 Restricted funds st Augustine's Priory Association 58,289 6,800 65,089 Sl Augustine's Parents Committee 1941 Trust Scholarships Margaret Domier Scheme Chapel Project Grant donations 26,909 91,829 12,739} 191,8291 24.170 310,044 21,327 310,044 21,327 814 {8141 389,660 126,352 {95.3821 420,630 Total of funds 4.052.41S 6,967,579 16,909,015) 213,574 4,324.5S3 Page 31
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED A company Ilmltad by guarantee NOTES TO THE FINANCIAL STATEfdiENTS FOR THE YEAR ENDED 31 JULY 2021 14. Statemgnt of funds Icontlnuodl Statamont of funds - prlor year Balancg al l August 2019 Transfers in/out Gains/ Balancg at (Losses) 31 July 2020 liicome Exp8iiditure Unre$tri¢ted funds General Fund 3,578,877 6,961, 739 f6,943,646) (638) (75,936) 3,520.396 Margaret Dormer Scheme 141,721 638 142,359 3, 720.598 6.961, 739 (6,943,646) (TS,936J 3,662,755 Restricted fund$ st Augustine s Priory Association Sl Augustine's Parents Committee 1941 Trust Scholarships Margaret Dormer Scheme COVID Hardship Chapol Project 49,319 9,350 (380) 58,289 10.544 (10,544) 91,829 (91,8291 310,044 310,044 7,594 21.327 f7.594J 21.327 359,363 140,644 (110,347J 389,660 Total of lunds 4,079,961 7, 102,383 (7,053,993) (75,936) 4.052,415 Page 32
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limited by guarante&l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 Notas to the statsmont of funds The Sl Augustine's Priory Association (The A8sociallon'l has been created lo nurture friend$hips in the School community. 1115 funded by a one off donation of £150 from each family with a daughter joining tho School. The St Augusllne's Pafents Committee organlses evenl8 to raise money which is used lo fund various items ol equipment. Restrided donations of £814 were given by the Sl Augustine's parents committee for the funding of varlous items of equipment. Quring the year a restricted donation of £91,829 was given by the 1941 TTUSI towards the funding of Scholarships. The Margaret Dormer Scheme was establishèd in 2008 with the purpose of providing linancial assistance lo pupils from families who would olhenNise be unable to pay fees. The Chapol Projocl was sel up lo provide kneelers and other ornamenlalion for the Chapel using the theme 'SI. Augustine's Priory's Journey of Faith 1634 present '. Various kneelers have been provided and the sum of £21,327 will be used to fully furnish the chapel wlh kneelers and wall hangings on this theme. 1S. Analysis of net assats baton lundg Analysls of nèt assets between funds - curront yoar Restricted Unrestricted funds funds 2021 2021 Total lunds 2021 Tangible fixed 8ssels Fixed asset investments Current assets Creditors due within one year 2.012,649 2,012,649 367,039 677,083 2,628,695 2,739,281 11,104.4601 11,104.4601 310,044 110.588 Total 420,630 3,903,923 4,324,553 P8ge 33
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company Ilmit8d by guar•nt$¢l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 15. Analysls of net assets between funds (continued) Analysis of not a$$ots betWo¢n funds - prior year Restricted Unrestrtcted funds funds 2020 2020 Total funds 2020 Tangible fixed assets Fixed asset Invegtmenl8 Current asset$ Creditors due within one year 1,850,333 1,850.333 142,359 452,403 2,694, 747 2, 774,363 (1,024,684) (1,024,684) 3fO,044 79.616 Total 389,660 3,662, 755 4,052,415 16. R8con¢lllatlon of not movament In funds to not cash Ilow from opgratlng actlvitigs 2021 2020 Nel incomelexpendilure for the year las per Statement ol Financsal Acts'vitsesl 272.138 (27,546) Adjustments for: Depreciation charges IGainslllosses on inve8tmenl8 Dividends, interests and rents from investments Decrease/lin¢reasel in debtors Increaselldecrease) in creditors 260.699 1213.5741 112,1581 54,012 79.777 205, 759 75,936 (19,307) (28,457) (80.079) Net cash providtrd by oporating activitlos 440,894 t26,306 17. Analysis of cash and ¢a$h equivalonts 2021 2020 Cash in hand 2,373.027 2,354,096 Page 34
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED IA company limltgd by guaran1881 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 18. Analysls of changos in not dèbt At 1 August 2020 Ca$h flows At 31 July 2021 Cash 8t bank and in hand 2,354.096 18,931 2.373.027 19. Pènslon commltments The S¢h¢¢l parti¢ipales in the Teachers. Pension Scheme I'lhe TPS'I for ils leaching staff. The pension charge for Ihe year includes contributions payable lo the TPS of £649,702 12020". £644,825) and al the yearond £Nil12020'. £Nill was accrued in respect of contrlbullons to thi8 scheme. The TPS is an unfundod rnulli-$mployer defined benefits pension scheme governed by The Teachers, Pensions Regulations 2010 la$ amended) and The Teachers, Pension Scheme Regulation5 2014 las amende¢Jl. Members contribute on a 'pay as you go" basis wlh conlribulion8 from members and the ernployer being credited lo the Exchequer. Retirement and other pension benefits #re paid by public funds provided by Parliament. The employer contribution rale is sel by the Secretary of Slate following scheme valuations undertaken by the Government Actuary's Department. The most recent actuarial valuation of the TPS was prepared as at 31 March 2016 and Ihe Valuation Report, whlch was published in March 2019, confirmed that the employer contribution rate for the TPS would increase from 16.4% to 23.60h from 1 September 2019. Employers are also required lo pay a scheme adminislralion levy of 0.08010 giving a total employer contributson rale of 23.68%. The 31 Mar¢h 2016 Valuation Report was prepared in accordance with the benefits S&t out in the s¢heme regulations and under Ihe approach specified in the Directions, as they applied at 5 March 2019. However, the assumptions were congidere¢J and Sel by the Department for Education prior lo the ruling in the 'McCloudlSargeanl case,. This case has required the courts to consider cases regarding the implementation of the 2015 reforms lo Public Service Pensions including the Teachers. Pensions. On 27 June 2019 the Supreme Court denied the govemmenl permission lo appeal the Court of Appeal's judgment that Iransrtional provisions introduced to the reformed pen51on Bchemes in 2015 gave rise lo unlawful age discrimination. The government is respecting the Court's decision and has said 51 will engage fully with the Employment Tribunal as well as employer and member representatives to agree how the discriminations will be remedied. The government announced on 4 February 2021 that it intends lo proceed with a deferred choice underpln under wh1ch members will be able lo choose erther legacy or reformed scheme benefits in re8pecl of their service during the period between 1 April 2015 ond 31 March 2022 al the point they become payable. The TPS is subject lo a cost cap mechanism which was pul in place to protect taxpayers agalnsl unforeseen changes in scheme costs. The Chief Secretary lo the Treasury, having in 2018 announced that there would be a review of Ihls Cost cap mechanism, in January 2019 announced a pause to the co81 cap mechanism following the Court of Appeal's ruling in the Mccloudlsargeanl case and until there is certainly about the value of pensions to employees from April 2015 onwards. The pause was lifted in July 2020, and a consultation was launched on 24 June on proposed changes lo the cost control mechanism following a rfyview by the Governmenl Actuary. The consultation closed to response on 19 August 2021 and the Government is currently anatysing the responses. Page 35
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED A company Ilmlt8d by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 19. Ponslon commltmonts Iconllnu8d) In view of the above rulings and decisions the assumptions used in the 31 March 2016 Actuarial Valuation may become inappropriate. Sn this scenario, a valuation prepared in accordance with revised benefits and suitably revised assumptions would yield different results than those contsined in the Actuarial Valuation. Until the ¢osl Cap mechanism review is ¢ompleted il is not possible lo conclude on any financial impact or future changes to the ¢onlributon rale$ of the TPS. Accordingly no provision for any addrtional past benefit pension costs is included in these fi'nancial statements. other Pension Payments The School also contributes to Personal Pension Plans (defined contribution scheme51 for 3612020.. 331 non-teachers. The regular cost is Charged lo the in¢ome and expenditure account. Conlrfbutlons pald in the current year were £102.727 {2020- £99.8531. 20. Operatlng ae commltments Al 31 July 2021 the School had ¢ommilm&nts lo makg future minlmum lease payments under non- cancellable operating leases as follows.. 2021 2020 Not later than l year Later than l year and not later than 5 years 91.625 37,263 89,025 128.878 128,878 217,903 21. Ralated party tran$a¢tlons St Augustine's Priory Trust I'the 1941 Trust'l owns the land and buildings al Sl Augustine's Priory. The School has no formal lease bul continues to occupy the 1941 Trust's freehold property rent free, as il h8s since the School was opened on the site in 1915. Transactions wllh the 1941 Trust during the year consi81ed of the follon9'. 2021 2020 Received - School fees- scholarship$ awarded 91,829 91,829 Page 36
ST. AUGUSTINE'S PRIORY SCHOOL LIMITED A company Ilmltsd by guarante&l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021 22. Comparativo Statgmont of Financlal Actlvltlo$ Restricted Unrestricted funds funds 2020 2020 Total funds 2020 Note Income from: Donalbns Charitable activities Investments Other income 109.967 6.637 6,314,053 19,307 621.742 116,603 6.314.053 19.307 652,419 30,677 Total Income Expenditure on.. Raising funds Charitable aclivi1188 140,644 6.961.739 7,102.383 2.814 6.940.832 2,814 7,051,179 110,347 Total expenditure 110.347 6,943,646 7.053,993 Operatlng surplu$ 30,297 18,093 48,390 Investment losses 175,9361 175.936) Net movem&nt in funds 30,297 157,8431 (27,546) Reconciliation of funds: Total funds brought forward Net movement in funds 359,363 30,297 3.720,598 157,8431 4,079,961 {27.546) Total funds carrled forward 389,660 3,662,755 4,052.415 Page 37